CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.10 - MARKET MISCONDUCT AND OTHER PROHIBITED CONDUCT RELATING TO FINANCIAL PRODUCTS AND FINANCIAL SERVICES  

Division 3 - The insider trading prohibitions  

Subdivision A - Preliminary  

SECTION 1042H   INFORMATION IN POSSESSION OF PARTNER OR EMPLOYEE OF PARTNERSHIP  

1042H(1)   [ Knowledge and actions of partner]  

For the purposes of this Division:


(a) a member of a partnership is taken to possess any information:


(i) which another member of the partnership possesses and which came into the other member's possession in the other member's capacity as a member of the partnership; or

(ii) which an employee of the partnership possesses and which came into his or her possession in the course of the performance of duties as such an employee; and


(b) if a member or employee of a partnership knows any matter or thing because the member or employee is such a member or employee, it is to be presumed that every member of the partnership knows that matter or thing; and


(c) if a member or employee of a partnership, in that capacity, is reckless as to a circumstance or result, it is to be presumed that every member of the partnership is reckless as to that circumstance or result; and


(d) for the purposes of paragraph 1043M(2) (b), if a member or employee of a partnership ought reasonably to know any matter or thing because he or she is such a member or employee, it is to be presumed that every member of the partnership ought reasonably to know that matter or thing.

1042H(2)   [ Liability for conduct]  

This section does not limit the application of section 769B in relation to this Division.


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